FARMERS' BACON COMPANY.

Taranaki Daily News, 11 December 1917, Page 3

FARMERS' BACON COMPANY.

FIRST A.XXI'AL MEETIXO. A SUCCF.SSFIJ'L VEAIi: Tiie lir.it annual meeting of the Kow Zealand Farmers' Co-operative Bacon and Meat I'acking Coinpan, Ltd., was held at Wellington, on Thursday. The chairman of directors, the Hon. J. G. W. Aitken, presided. The annual report of the directors stated: 'The company commenced operations 011 October 1., IUIO, and was formed by the merging of interests of the .South Taranaki iiacon Co., Ltd., the Waikato Farmers' Co-operative Bacon Co., Ltd., and Messrs W. iiimoc-k and Co., Ltd., for the purpose of more economically working the bacon business, and eliminating the unnecessary overlapping in working. As was confidently expected, considerable savings in this respect have been effected. Too much has been wasted in the past by reason of the expense of keeping a multiplicity of concerns in the field. The Farmers' Company bas the equipment, it has the organisation, and best selling outlets —therefore we urge upon our farmer shareholders to make full use of tlieir own institution, and not be detracted by the temporary bijit offered for the purpose of crippling co-operation. This being the first y.ear of the company's operations, preliminary expenses have been incurred which, however, are not of a recurring nature. The price declared for pigs was such as allowed for a supplementary payment of %d per lb on all pigs sent in by shareholder suppliers between October 1 an'l April 14, and '/, d pf'n lb on receipts from April 14 to ScpteiNpcv 30, taking the sunt of £12,4^o—thus our farmer shareholders have obtained the highest, average price for pigs yet recorded. The additions which were made to the Frankton Junction and Fltham works proved to be required, and the b->ef slaughtering 11 ml freezing works at F.ltham were utilised to the utmost extent during the season. The companv has arranged for n duplication) r.f its freezing storage at Xgahatiranga (Wellington) for the coming season. The balance available for appropriation, after making due allowance for depreciation, bad del-Is, etc., as shown bv the balancesheet. is £7017 3s Sd, which it is recommended should be used as follows:' 1 To pay a dividend of fi\pcr cent, on the "A'' preference shares, (lie "ll'' preference shares, and (be ordinary shares, ejiini 3s Sd; to place to a reserve fund, .CS.'O; leavin;» an amount to carrv forward of £033: total, £7047 3s Sd." The nominal capital of the company was shown to be £200,000, the subscribed capital £130,05.5. and the paid-up capital .tldfi.CSS 4s Pd. The' value of the lend, buildings, machinery, and plant owned by (he company at Wellington, Auckland. Frankton Junction, and Klthnm stood at net profits were shown at £7047 3s Sd. After a dividend of (i per cent., absorbing £OlOl 3s Sd. had been provided for, the sum of £S.")O had been plated to the reserve and £033 carried forward.

In moving tho adoption of the report anil balance sheet, Xhr- chairman congralulatoil tlio shareholders on the success of tlio year's operations. He said ihii! it was only after very careful consideration that, the amalgamation of the various companies was agreed to, and tic (bought it would be generally admitted that tlio existence of the company had iiioi a long-felt. want in tlio bacon-cur-ing industry. For many years tlio industry had been of a very irregular nature, and in consequence the price of pigs to the producer had always boon more or loss of an unknown quantity. Tlio aim of the company was to endeavor to maintain the price of pigs on such a basis as would warrant the grower in fattening, and at the same time enable the company to place on the market the cured article at as reasonable a rate as possible Thus it was hoped the producer would not ; be compelled to face the violent fluctuations in the market? which had obtained in the past, for it was appreciated that a low price to-day and a high one to-morrow did not tend to give that degree of confidence to the producer ,vhich should exist. A further object of the company was to place the industry on a more satisfactory basis. That must be reflected in better and regular conditions for the producer. The company was one of purely a co-operative nature, running in the interests of the farmers. To those who were not satisfied with the composition of the concern the directors invited the fullest scrutiny. This was the day of co-operative effort with the farmer, and lie advised the shareholders not to be detracted by idle rumors circulated for the purpose of destroying co-operation amongst farmers. Ho was pleased to say that on the share register the company had 4000 to 5000 farmer shareholders directly and indirectly through the thirty-four dairy companies who had joined. The year commenced with thirteen dairy companies, and that number had increased by 21, which was sufficient to show that the company was being favorably received by the farmers. The market throughout the year had been favorable, but the number of pigs available in New Zealand had shown a slight decrease over the figures of the previous year. The killing nf heef was commenced at Eltham works towards the middle of last season. There was every indication that that branch of the company's activities would prove very satisfactory. The company was now manufacturing artificial fertilisers at Eltham—a most up-to-date plant having been installed. Extensions had also been made to the preserving plant at Wellington, and the freezing storage had boon doubled. The following directors, who retired hv rotation, wore re-elected: —The Hon. ,T. fl. W. Aitken (Wellington group I, H. D. Forsyth (Taranaki group), and C. Banks (Auckland group).